The Abolition of Antitrust asserts that antitrust laws-on economic,
legal, and moral grounds-are bad, and provides convincing evidence
supporting arguments for their total abolition. Every year, new
antitrust prosecutions arise in the U.S. courts, as in the cases
against 3M and Visa/MasterCard, as well as a number of ongoing
antitrust cases, such as those involving Microsoft and college
football's use of the Bowl Championship Series (BCS). Gary Hull and
the contributing authors show that these cases-as well as the
Sherman Antitrust Act itself-are based on an erroneous
interpretation of the history of American business, premised on bad
economics. They equivocate between economic and political power-the
power to produce versus the power to use physical force. For Hull,
antitrust prosecutions are based on a horrible moral inversion:
that it is acceptable to sacrifi ce America's best producers. The
contributors explain how key antitrust ideas, for instance,
"monopoly," "restraint of trade," and "anticompetitive behavior,"
have been used to justify prosecution, and then make clear why
those ideas are false. They sketch the historical, legal, economic,
and moral reasoning that gave rise to the passage and growth of
antitrust legislation. All of the theoretical points in this volume
are woven around a number of fascinating cases, both historical and
current-including the Charles River Bridge, Alcoa, General
Electric, and Kellogg/General Mills. Designed for the uninformed
but educated layman, The Abolition of Antitrust makes positive
arguments in defense of wealth creation, business, and profi t,
explains the proper role of government, and offers a rational view
of the meaning of contract and economic freedom. AldineTransaction
www.transactionpub.com ISBN: 978-1-4128-0502-5 Library of Congress:
2004058124 Printed in the U.S.A. Cover design by Ellen F. Kane "The
essays in this book present a sustained economic, historical,
moral, and legal broadside against the various federal statutes
known as antitrust doctrine. They explode the cherished myths
underlying the antitrust laws, and expose their intellectual
fountainhead in a morality of self-sacrifice that is incompatible
with individual rights, free enterprise, and objective law. With
the publication of this text, businessmen, lawyers, economists,
policymakers,legislators, and judges finally have access to a
systemic critique of the antitrust laws. From here on, if antitrust
continues to violate the rights of businessmen and to ravage the
American economy, it is not for lack of knowing how and why."-Adam
Mossoff, assistant professor of law, Michigan State University
College of Law.
General
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